People come from all over the world to purchase real estate in South Florida, and at times it’s not possible for them to be physically present at closing. Other commitments may prevent buyers or sellers from traveling to Miami, especially when it’s just for an hour-long document-signing session. In these instances, there are typically two options: mail-away closings and Remote Online Closings (RONs) for properties in Florida.
What Is a Mail-Away Closing?
Mail-away closings enable buyers and sellers to complete a real estate transaction without being physically present at their title agent’s office. Mail-away closings offer an alternative for many clients who simply cannot attend the settlement in person. They are typically most useful when the buyer is financing the purchase and when a buyer is not living in the United States and cannot get approved for a Remote Online Closing (more on that later). Mail-Away closings are tricky though: when completing a mail-away closing, there are some key considerations to keep in mind.
- Superior communication is required – There is a fair amount of coordination required with mail-away closings. All parties involved in the transaction must remain in close contact in order to ensure a smooth transaction. Proper planning is a must to successfully process a 100+ page document signing without delays.
- Closing documents will need to be notarized – The closing attorney or title company will send you all the documents required for closing, and they must be signed, initialed and dated with a local notary present or going to the embassy.
Mail-away closings are a fairly common practice in South Florida real estate transactions, but they do add a layer of complexity. Documents should be sent overnight, and plans should be made ahead of time to keep the closing on schedule. To ensure a smooth process for your mail-away or international closing, partner with an experienced real estate attorney and title company that can make the entire closing process seamless.
What is a Remote Online Closing (RON)?
Most of the time, a Remote Online Closing (RON) is preferable to a Mail-Away closing. It was not an option pre-pandemic, but the Florida legislature passed a law allowing for digital signatures to be legally binding for real estate closings.
In short, it is the exact same process as an in-person closing just done virtually and closings tend to go more smoothly than they do with Mail-Away closings. There are instances when a RON isn’t an option however: if the seller is not a United States citizen, they need to get pre-approval for a RON closing with the title company’s underwriter, for example.
But for domestic buyers and sellers, RONs are great options for when they are unable to attend the closing in person in Florida. Our attorneys at the Law Offices of Alex D. Sirulnik, P.A. are also licensed title agents backed by national title insurance underwriters. We have an in-house title insurance company to make your Mail-Away or Remote Online Closing quick and stress-free. Contact us to learn more.